City leaders say Lawrence is in good financial shape as city anticipates adding 13 5 new positions | News, Sports, Jobs - Lawrence Journal-World: news, information, headlines and events in Lawrence, Kansas
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Lawrence City Commission approves adding nearly $1 6 million to current year s budget, including 13 5 new city staff positions | News, Sports, Jobs - Lawrence Journal-World: news, information, headlines and events in Lawrence, Kansas
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Lawrence City Hall, 6 E. Sixth St., is pictured on May 3, 2016.
When auditors arrive at City Hall this spring to do their annual review of the city’s books, city officials expect they will find that many of the problems of the past two years have been resolved. Others, though, will take more time.
In the 2018 and 2019 financial audits, the auditing firm RSM had to make enough corrections to the city’s financial records $63 million and $32 million worth, respectively that the city was flagged as having a “lack of internal controls over financial reporting,” meaning the city did not have proper procedures and controls to ensure mistakes in its financial statements would be detected. One recurring problem was the city’s inability to reconcile all its cash statements, which is a process similar to how someone would balance a checkbook to ensure personal financial records matched the financial transactions logged by the bank.